Trend Micro posts net loss

MarikoAndo

TOKYO (CBS.MW) -- Japan's top anti-virus software maker Trend Micro on Friday posted a net loss of 1.38 billion yen ($11.2 million) in the first half year ended June due to weak spending in the information-technology sector.

Citing a downturn in the global economy, Trend Micro
TMIC
( 4704) cut its outlook for the full year through December.

On an operating basis, profits fell 3.9 percent to 2.89 billion yen in the first six months from the same period last year. The Internet security company, however, managed to post a 34.8 percent surge in sales to 12.9 billion yen.

Shares of Trend Micro have been on the rise recently as companies bought its products to fend off the threats from the Code Red worm and the SirCam virus.

On Friday, Trend Micro's shares soared 11 percent to close at 3,070 yen before the earnings announcement. ING Barings assigned a "buy" rating to the company, saying 3,300 yen would be a fair price for each share of the company.

For the full year ending December, Trend Micro is expecting a net profit of 1.8 billion yen, down 61.8 percent from an earlier projection of 4.7 billion yen profit. Group sales are forecast at 29 billion yen, slightly down from its previous forecast made in February.

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